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Finland's finance ministry cuts growth forecasts for 2022, 2023

Reuters
Updated ·1-min read

HELSINKI (Reuters) -Finland's finance ministry has cut its forecasts for gross domestic product growth this year and next, it said on Friday, citing economic woes and high inflation caused by war in Ukraine.

The ministry now sees growth at 1.4% in 2022 and at 1.1% in 2023, down from April forecasts of 1.5% and 1.7%, respectively.

Last year, the economy grew 3.5%, Statistics Finland data showed.

"Economic growth is slowing and inflation accelerating more than anticipated," the ministry said in a statement, citing war in Ukraine overshadowing the economic outlook.

The ministry expects inflation to slow down towards the end of the year from its May level of around 7%, for an average of 5.8% in 2022 and 2.7% in 2023.

(Reporting by Anne Kauranen; editing by John Stonestreet and Jason Neely)